Here are some top tips from Bryce and Veronica when to comes to downsizing.
Helen and Tom really didn't want to downsize, but plenty of people do.
It's often a choice that people get to at a certain point in their lives when they want to simplify things and often free up some capital for their retirement.
If you want to downsize and stay in the area that you're currently living, then you have to look at different types of properties.
Here are 4 main options:
1) LOOK AT PROPERTIES THAT NEED RENOVATING
One option is to look at renovating, and so, look at a cheaper - or less expensive property, possibly the worst house on the best street - and look at bringing it up to the standards that you're used to.
2) A DIFFERENT STYLE
Secondly, you could look at apartments, or town houses - so a different style of property.
3) A COMPROMISED HOUSE IN A PREFERRED LOCATION
And the third option, which is the least preferred option, is that you could buy a compromised house in the location that you want to be in - such as being on a main road or having a really small outdoor area, but plenty of indoor accommodation. However, to buy such a property means you'll get it a bargain, but you're gonna sell it at a bargain down the track - so it will affect capital growth.
Find a property you really love and rent it. Then use the money that you've got to invest in other properties elsewhere. That way, you'd still be on the property ladder looking after your future, but it'd also mean that the lifestyle change would be very minimal.
BOTTOM LINE - There is more than one way to skin a cat.
There can be great things about renting and actually owning investment properties, so there are many options there when you've got the capital to spend.